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it's a big chunk of the republican conference. how big? we don't know yet. but he is the pit bull on those issues and is not going to back down. that puts boehner in here as sort of the good cop. it's clear that john boehner, speaker boehner, thinks you have to do something to increase the debt limit or it could be politically and economically catastrophic for the party. i don't think eric cantor necessarily shares that world view. >> we will be hearing from tim geithner, who is meeting with the democratic senate side today, the caucus lunch. he's going to come out and give the latest on the dire predictions of what is going to happen if they don't get something done in the next 19 days. >> right. he's going to talk about the effect it would have on the economy, on debt, on social security checks and whether they could go out to recipients. i have talked to enough house republicans about it. they don't buy it. they don't believe in these warnings about catastrophic consequences. they think that you can find the money to be able to fund things while a deal is
it's a big chunk of the republican conference. how big? we don't know yet. but he is the pit bull on those issues and is not going to back down. that puts boehner in here as sort of the good cop. it's clear that john boehner, speaker boehner, thinks you have to do something to increase the debt limit or it could be politically and economically catastrophic for the party. i don't think eric cantor necessarily shares that world view. >> we will be hearing from tim geithner, who is meeting...
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he wants to do a big deal. both parties kind of do see the need for a big deal even though they disagree on the particulars. eric cantor is playing an outside or inside game trying to position himself as the next speaker. that could backfire in his face. it's high stakes for everybody. there's not a situation where everybody can sit back and let it play out. everybody has a lot to win or lose. >> michael shearer, "time" m magazine thank you so much. the question many americans are asking is why can't they just get it done? former congressman alan grayson, outspoken florida democrat says both parties are to blame. >> washington is now divided between the meanies and the weanwean is. >> here to explain alan grayson who recently announced another run for congress. good to see you, good morning. >> thank you. >> you want to offer some details on that characterization, the meanies and the weanies? >> sure. on the basis of a fomented crieses, we can't do dozens of times what we've done extend the debt limit, some peo
he wants to do a big deal. both parties kind of do see the need for a big deal even though they disagree on the particulars. eric cantor is playing an outside or inside game trying to position himself as the next speaker. that could backfire in his face. it's high stakes for everybody. there's not a situation where everybody can sit back and let it play out. everybody has a lot to win or lose. >> michael shearer, "time" m magazine thank you so much. the question many americans...
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. >>> caltrans crews working to fix a big sinkhole on highwayy in san jose. it's on the south side of the freeway. the southbound sides of the freeway near west virginia street. it's a 30-foot gap under the median. the highway patrol closed one lane of the highway next to the median, and the alma avenue onramp. caltrans is estimating the repairs will take all day. agency officials say the sinkhole was probably caused by traffic vibrations and large trucks carrying heavy loads. >>> the bitter back and forth continued today between democrats and republicans over the debt limit. sniped at each other this morning, congressional leaders scheduled to meet with the white house once again today to try to work out a deal. president obama has said he wants an agreement at the end of the week declaring enough is enough. in the meantime, federal reserve chairman ben bernanke warned congress again today that a default on the nation's debt would be calamitous. >>> a scare late this morning in the south bay because of this accident and something the vehicle hit. the last we
. >>> caltrans crews working to fix a big sinkhole on highwayy in san jose. it's on the south side of the freeway. the southbound sides of the freeway near west virginia street. it's a 30-foot gap under the median. the highway patrol closed one lane of the highway next to the median, and the alma avenue onramp. caltrans is estimating the repairs will take all day. agency officials say the sinkhole was probably caused by traffic vibrations and large trucks carrying heavy loads....
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a second day of big buying, up almost 13% today. look at this shoot up here. chesapeake energy is taking a stake in the firm. and that's tonight's "market focus." >> susie: if you plan on loading up the car for a summer vacation, you may want to budget more for gas. prices have been rising despite the decision by the u.s. and other countries to release oil from emergency reserves. the international energy agency, which is coordinating that effort, says more oil supplies are now available on world markets. but for consumers, gasoline has become more expensive. erika miller looks at where prices are likely to head from here. >> reporter: aaron ernst is the envy of drivers everywhere because it costs just pocket change to fill his tank. >> this takes one gallon, so i usually put one gallon in it-- and that's like $5. so when gas prices go up? $6. >> reporter: but plenty of others are feeling the pinch of higher fuel costs. not only does sal maurano drive a less fuel-efficient vehicle, he also travels 300 miles a week for his commute. >> you got to bite the bullet
a second day of big buying, up almost 13% today. look at this shoot up here. chesapeake energy is taking a stake in the firm. and that's tonight's "market focus." >> susie: if you plan on loading up the car for a summer vacation, you may want to budget more for gas. prices have been rising despite the decision by the u.s. and other countries to release oil from emergency reserves. the international energy agency, which is coordinating that effort, says more oil supplies are now...
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big business leads, small business follows, and the government assists. the president's goal to double exports is a rallying cry. this unifies people, and you know what? i know we can succeed. next we need to build a coalition around important industries like energy. we're the only country in the world that lacks any kind of broad energy theme. every other country in the world is creating jobs around clean energy investment from germany to china. the edison electric institute, the trade association of the industry, says there's millions of jobs available with some policy clarity around grid development or energy standards. all of these, all of these can be privately financed. similarly, the u.s. has a chance to be the natural gas leader for the next century, yet we have no plan to drive this leadership. and instead of leadership, each group is battling for turf, or worse, trying to block new investment. business has got to speak with a louder and consistent voice about the need for common sense ideas that support growth and competitiveness. fourth, leader
big business leads, small business follows, and the government assists. the president's goal to double exports is a rallying cry. this unifies people, and you know what? i know we can succeed. next we need to build a coalition around important industries like energy. we're the only country in the world that lacks any kind of broad energy theme. every other country in the world is creating jobs around clean energy investment from germany to china. the edison electric institute, the trade...
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big companies and lo and behold the consumer didn't get up getting there so they lost their job they lost their houses and mortgages and they're still in trouble you're mistaken in saying that the federal reserve has spent any money. you say five trillion we have lent money we have purchased securities that's not buying this not dissipating you know that money that we've gotten all the money. chairman bernanke went on to say you know that the fed is in fact you know a money maker for the u.s. government and we've got you here you work for goldline obviously you've got a vested interest scott but kind of talk about this as it relates to what we're seeing you know previously with the bailout and you know the direction that this country's going right it's a good point let's go to side i think both of the individuals bernanke and ron paul were correct ron paul is right that the average american has not seen the benefit of the stimulus money that has been put to good use and we're seeing that in unemployment rates we're seeing that in the last luster g.d.p. growth and it's impacting middl
big companies and lo and behold the consumer didn't get up getting there so they lost their job they lost their houses and mortgages and they're still in trouble you're mistaken in saying that the federal reserve has spent any money. you say five trillion we have lent money we have purchased securities that's not buying this not dissipating you know that money that we've gotten all the money. chairman bernanke went on to say you know that the fed is in fact you know a money maker for the u.s....
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there is a big buy as towards debt, including the financial sector. it makes no sense to have tax code point in the opposite direction. i worked a great deal with regulators, and i am supportive of what they're trying to do, but it is not enough. there are constrained by the international regulation, including bottle 3. -- including basil 3. why should we regard that as the last word on appropriate constraints on the extent of excess of leverage? i agree with mr. fleischer, there are many ways to tax excessive leverage, including thin capitalization tax. the imf made a good report to the g-20 on these issues. >> thank you very much. >> you said that a lower corporate tax rate would remove pressure on the debt over equity. can you explain how that would address the debt equity bias that we have heard about? >> the most simple version of this is the entity level taxation is part of the problem. reducing that rate ends up taking away that distortion to some agree. but a kind of goes further. one of the problems is not just that in the aggregate for nonfi
there is a big buy as towards debt, including the financial sector. it makes no sense to have tax code point in the opposite direction. i worked a great deal with regulators, and i am supportive of what they're trying to do, but it is not enough. there are constrained by the international regulation, including bottle 3. -- including basil 3. why should we regard that as the last word on appropriate constraints on the extent of excess of leverage? i agree with mr. fleischer, there are many ways...
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big companies and lo and behold the consumer in the end up getting this they lost their job they lost their houses and they're still in trouble you're mistaken in saying that for the reserve to spend any money. you say five trillion we have lent money we have purchased securities that's not buying dissipating you know the money that we've gotten all the money back we're making then went on to say that the fed has in fact been a profit center a money maker for the u.s. government and your thoughts on this notion is the fed actually you know a profit center. but actually the number is probably closer to twenty nine trillion dollars if we count the total lending guaranteeing and buying of talks of waste assets undertaken by the fed and treasury twenty nine trillion dollars. i think bernanke is saying that a little bit fast and loose the fed still has a lot of toxic waste on its balance sheet probably it is valuing that it's something that will never be realized so i think that probably is going to take a loss on some of the ways that approach to this possibly on some of the loans that it
big companies and lo and behold the consumer in the end up getting this they lost their job they lost their houses and they're still in trouble you're mistaken in saying that for the reserve to spend any money. you say five trillion we have lent money we have purchased securities that's not buying dissipating you know the money that we've gotten all the money back we're making then went on to say that the fed has in fact been a profit center a money maker for the u.s. government and your...
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obama promised to reach out to the muslim world well a new poll shows that his efforts have failed big time for him to dive into that topic with the tenet colonel anthony shaffer in the senate. you know sometimes you see a story and it seems so easy to understand it and then you glimpse something else and here's you some other part of it and realized everything is ok and you don't know i'm sorry because the big picture. and yet though. fuck fuck fuck. fuck. let's get it we are going to. lead i think. either one of the twelve. or not the governor says they're safe to graduate because their freedom. well the man who used to be the king of sharing the news has now found himself on the front pages rupert murdoch became the focus of international media after reports started gushing out about his newspaper's illegal wiretapping practices in the u.k. he's the world news international they were caught hacking cell phones bank accounts even health records of individuals whose names were in the headlines and i goes from murder victims to the bomb families to the families of fallen soldiers and e
obama promised to reach out to the muslim world well a new poll shows that his efforts have failed big time for him to dive into that topic with the tenet colonel anthony shaffer in the senate. you know sometimes you see a story and it seems so easy to understand it and then you glimpse something else and here's you some other part of it and realized everything is ok and you don't know i'm sorry because the big picture. and yet though. fuck fuck fuck. fuck. let's get it we are going to. lead i...
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the italians are known for being big savers. privatizations of state entities such as, for instance, the post office and the train network. pauline, we're talking about cuts here. the total package was supposed to be 52 billion just a couple of days ago. now it has risen to in excess of 79 billion euros. we'll see what happens later on today in parliament. pauline? >> yes. i've already read, nina, politicians may take a pay cut by as much as 50%. 10 we'll see what happens. this is certainly a critical time for a country with sluggish growth but high debt. >>> coming up next on "world business today," first he lost a up in and then his bid for bskyb turned to custard, turned sour. now to top it all off, rupert murdoch is under scrutiny in the u.s. we'll bring you more details on that in just a moment. active naturals wheat formulas target and help repair damage in just 3 washes. for softer, stronger... ... hair with life. [ female announcer ] nourish plus. only from aveeno. >>> from cnn hong kong and rome, this is "world business
the italians are known for being big savers. privatizations of state entities such as, for instance, the post office and the train network. pauline, we're talking about cuts here. the total package was supposed to be 52 billion just a couple of days ago. now it has risen to in excess of 79 billion euros. we'll see what happens later on today in parliament. pauline? >> yes. i've already read, nina, politicians may take a pay cut by as much as 50%. 10 we'll see what happens. this is...
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but that's not the big point right now. the critical point is as moody's is warning, as ben bernanke warned today and congress, the critical point is this country must not go into default on august 2nd. and they need to reach some minimal agreement to avoid that. that should not be hard to do. now, what they can get beyond that is really important, but it's not as urgently necessary as making sure we get this done. then we can move to the more moderate term crisis or the moderate crisis, moderate term crisis which is the huge deficits. we do have to solve those, but not before august 2nd. we have to get a deal to avoid a catastrophe on august 2nd. >> so nicole, for republicans tomorrow, do they need to change strategy, given what happened today? or what do they do going into this meeting tomorrow? >> look, it was barack obama who stood in the rose garden just a few months ago and talked about you know, when he signed into law the extension of the bush tax cuts, he seemed to understand that raising taxes is not the right thi
but that's not the big point right now. the critical point is as moody's is warning, as ben bernanke warned today and congress, the critical point is this country must not go into default on august 2nd. and they need to reach some minimal agreement to avoid that. that should not be hard to do. now, what they can get beyond that is really important, but it's not as urgently necessary as making sure we get this done. then we can move to the more moderate term crisis or the moderate crisis,...
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i mean, you need to go there with a big project, working together with the community, to have a big impact. now, the challenge is a lot of people need to be relocated. and the strategy to move people and to bring them back is still not clear. so i prefer not to-- you know, i can give you my opinion, but maybe it's better if i don't. you know, it's like this, when you work with people, it's not easy, never easy. you know, the infrastructure is the soft work. the hard work is dealing with people, is dealing with the governments, dealing with the communities, dealing with the all the institutions, all the interests. so it's dealing with people is, like, the hard work. >> ( translated ): can't you see the government is lying to us? we'll be evicted like dogs one day. >> ( translated ): if you're wise, you should find somewhere to move to now. don't count on being given a house and don't think you'll come back here. when you leave, you are gone for good. >> ( translated ): how much did you say it was? >> ( translated ): that is 5,500. >> ( translated ): and electricity? >> ( translated ): 1,000
i mean, you need to go there with a big project, working together with the community, to have a big impact. now, the challenge is a lot of people need to be relocated. and the strategy to move people and to bring them back is still not clear. so i prefer not to-- you know, i can give you my opinion, but maybe it's better if i don't. you know, it's like this, when you work with people, it's not easy, never easy. you know, the infrastructure is the soft work. the hard work is dealing with people,...
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that gave stocks a big boost. the dow gained almost 45 points while the nasdaq was up 15. >>> numbers released overnight show foreclosures fell nearly 30% in the first half of the year but that's not because of any actual improvement in the housing market. analysts say paperwork and procedural delays are pushing the process further and further back, an estimated 1 million foreclosures that should have taken place this year will now happen in 2012 or later. >>> chrysler is recalling its best selling vehicle, more than 240,000 ram pickup trucks from 2008 through 2011 are being recalled because of a steering problem, a part near the left wheel can fracture and cause loss of steering, a few minor crashes have been reported. chrysler will fix the problem free of charge. >>> and a solution may be brewing to the minnesota government shutdown. it's all about the beer, made by the miller coors brewing company. it may have be taken off store shelves because the company's sales licenses have expired and there are no state wo
that gave stocks a big boost. the dow gained almost 45 points while the nasdaq was up 15. >>> numbers released overnight show foreclosures fell nearly 30% in the first half of the year but that's not because of any actual improvement in the housing market. analysts say paperwork and procedural delays are pushing the process further and further back, an estimated 1 million foreclosures that should have taken place this year will now happen in 2012 or later. >>> chrysler is...
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is italy too big to fail? >> well, certainly it is. i mean, if you have to think about a rescue package for italy no one today has the money to put it up. i mean, let's face it, as you said before, italy is six times the size of greece. so i think that everybody should be quite calm. today the markets were doing much better. it's true, as ken was saying before, part of the confusion arose because of a fight over an internal political fight between berlusconi and finance minister tremonte. but the decree for a large austerity plan was already passed. and it was because of this fight that the markets feared that maybe this decree was not going to be approved by parliament. today the situation has been clarified. by friday this package will be passed and, you know, italy is going to go on by adopting this plan and by 2014 it will have a balanced budget which is going to be quite an enviable situation if all of this will go according to plan. >> suarez: professor rogoff, the news of the austerity plan seemed to have calmed really jittery m
is italy too big to fail? >> well, certainly it is. i mean, if you have to think about a rescue package for italy no one today has the money to put it up. i mean, let's face it, as you said before, italy is six times the size of greece. so i think that everybody should be quite calm. today the markets were doing much better. it's true, as ken was saying before, part of the confusion arose because of a fight over an internal political fight between berlusconi and finance minister tremonte....
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big phone says it's taken steps but admits it's still a big problem. >>> for money news, let's go to joya dosh. i'm expecting a rough morning for stocks. how's it looking? >> it's actually looking pretty good. the futures are pointing to a higher open, which is a bit of a fresh start from earlier in the week. >> i want to ask people, don't think about ge so much, think about a small business person who really create a lot of jobs in this country. they're petrified right now. >> who are they scared of? >> look, what happens if the government doesn't roll over its debt? why would you invest into that? and if the budget deficit means super high tax rates for them, again, that to me is the piece that is missing. there has been bad new business generation, small businesses have gotten hurt coming out of this recession. >> all right. ali, what's happening here is that the clock is ticking. during one of the most tense meetings in washington last night between the president and lawmakers with moody's in the meantime has warned that its putting the u.s. credit rating on watch for a possible
big phone says it's taken steps but admits it's still a big problem. >>> for money news, let's go to joya dosh. i'm expecting a rough morning for stocks. how's it looking? >> it's actually looking pretty good. the futures are pointing to a higher open, which is a bit of a fresh start from earlier in the week. >> i want to ask people, don't think about ge so much, think about a small business person who really create a lot of jobs in this country. they're petrified right...
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it would be a big surprise if he's not asked about that. and, you know, the democrats have accused mitt romney of staying quiet on the issue. david axelrod made that much of a statement yesterday in a tweet. the pawlenty campaign also poked him on the subject. the romney campaign has put out a statement, that it would reduce the government to bring the debt under control and does not favor tax increases in order to bring the debt under control as part of any debt ceiling agreement. mitt romney was asked about that today. and ron paul, he has a brand-new tv ad that has come out. eats going to be airing this ad in the important early voting states and the texas congressman and tea party favorite has the ad -- it's essentially called compromises and it really takes aim at budget deals that were cut in the past. basically saying that democrats have raised taxes as part of these compromised deals to bring down the budget deficit in the past and how that's been bad for the country. >> i understand that sarah palin has jumped into the debt limit d
it would be a big surprise if he's not asked about that. and, you know, the democrats have accused mitt romney of staying quiet on the issue. david axelrod made that much of a statement yesterday in a tweet. the pawlenty campaign also poked him on the subject. the romney campaign has put out a statement, that it would reduce the government to bring the debt under control and does not favor tax increases in order to bring the debt under control as part of any debt ceiling agreement. mitt romney...
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murdoch is a big backer of republicans. if more momentum builds for probes into possible hacking in the united states or even congressional hearings, there are cautionary tales for lawmakers, reports that tabloids sometimes turntables for those who investigate them. most of those accounts date back to well before the scandal blew back in the media in recent weeks. media standards trust tells us when british parliamentarians look into the tabloid press a couple of years ago, he heard allegations that they were discouraged from repeatedly inviting rebecca brooks, one of murdoch's top execs to receive. >> the allegation was they were told, members were told do not invite her again. do not press this one, do not push it because if you do, you're regret it. and that was made very clear to them. >> reporter: contacted by cnn, a news corporation spokeman would not comment on that allegation. >> are you concerned they might hit back at you, dig into your personal life or whatever? >> i'm not worried about my personal life nor am i
murdoch is a big backer of republicans. if more momentum builds for probes into possible hacking in the united states or even congressional hearings, there are cautionary tales for lawmakers, reports that tabloids sometimes turntables for those who investigate them. most of those accounts date back to well before the scandal blew back in the media in recent weeks. media standards trust tells us when british parliamentarians look into the tabloid press a couple of years ago, he heard allegations...
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big deal for the u.s. if they win. they won last in 1999. >> i guess you say abby wambach is the next brandi chastain. >> now you have abby. >> she is really a big star to watch. i mean, the u.s. team itself, the favorites to win the competition, you know, there is all of this anti-american sentiment around the world, right? but on sunday, this weekend, the entire world and a lot of people in germany are really rooting and cheering for the u.s. to win because it hasn't been a big sport in the united states the way it is around the world. for this team to be victorious is really amazing. by the way, i found a good fact for you, kyra. football/soccer used to be calls pig's bladder because they blew up a pig's bladder and tied it on both sides and started to kick it around. they can use it as a nickname and say we are going to pay a little pig's bladder. just a little useless information feed for the weekend. >> sounds like a rock band more like. we expect live shots from the game, zain. we look forward to seeing you from
big deal for the u.s. if they win. they won last in 1999. >> i guess you say abby wambach is the next brandi chastain. >> now you have abby. >> she is really a big star to watch. i mean, the u.s. team itself, the favorites to win the competition, you know, there is all of this anti-american sentiment around the world, right? but on sunday, this weekend, the entire world and a lot of people in germany are really rooting and cheering for the u.s. to win because it hasn't been a...
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i believe our constitutional responsibility is not being fulfilled if we end up with some big-deal big on august 1, and we're told it's got to be passed by august 2, and you can find out what's in it after we pass it. i'm not there. count me out. senator toomey, we had more people wanting to get on the budget committee this year. they were so excited. it was the most wanted committee to be on in the entire senate, and we've not done anything. you were selected to be on the committee, which is a tribute to your experience. i guess i would ask you, how do you feel about where we are? mr. toomey: senator sessions, first of all, thank you for raising this issue because i do think this is a very, very important issue. many of us wanted to be on the budget committee because we see what a critical moment our country is in. we see the very dire straits that we have put ourselves in because of the fiscal irresponsibility of washington. and some of us believe that we don't have a lot of time to get this in order. and so i was looking forward to the opportunity to serve on the committee that woul
i believe our constitutional responsibility is not being fulfilled if we end up with some big-deal big on august 1, and we're told it's got to be passed by august 2, and you can find out what's in it after we pass it. i'm not there. count me out. senator toomey, we had more people wanting to get on the budget committee this year. they were so excited. it was the most wanted committee to be on in the entire senate, and we've not done anything. you were selected to be on the committee, which is a...
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red roof, but it's a big church with a big heart. he leads three services a day and you can't say he doesn't have some type of service for you because he has a traditional service. he has a more jazzed up service. and then he has a coffee house service where he sits around and talks to members of his congregation about things they face every day in life. i want to thank pastor dillard for coming and sharing with us today and the heart he has for this country and for each and every one of us. thank you. the speaker pro tempore: the chair will entertain up to 15 further requests for one-minute speeches on each side of the aisle. the gentleman from michigan, for what purpose do you rise? >> to address the house for one minute. the speaker pro tempore: the gentleman is recognized for one minute. mr. walden: madam speaker, hardly a week goes by that doesn't burden our american people and this economy. this week is environmental regulation that will drive up costs. it costs $1.7 trillion annually. o.m.b. has reported that regulations cost
red roof, but it's a big church with a big heart. he leads three services a day and you can't say he doesn't have some type of service for you because he has a traditional service. he has a more jazzed up service. and then he has a coffee house service where he sits around and talks to members of his congregation about things they face every day in life. i want to thank pastor dillard for coming and sharing with us today and the heart he has for this country and for each and every one of us....